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  • Article

Human Capital and the Future of Work: Implications for Investors and ESG Integration

By: Sakis Kotsantonis and George Serafeim
Human capital development (HCD) is a key consideration for most companies, but only recently have investors focused on understanding the risks and opportunities related to human capital with the emergence of environmental, social, and governance (ESG) investment... View Details
Keywords: Future Of Work; ESG; Employee Engagement; Employee Compensation; Human Capital; Human Resources; Employees; Compensation and Benefits; Wages
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  • 2020
  • Working Paper

The Myth of the Lead Arranger’s Share

By: Kristian Blickle, Quirin Fleckenstein, Sebastian Hillenbrand and Anthony Saunders
We make use of Shared National Credit Program (SNC) data to examine syndicated loans in which the lead arranger retains no stake. We find that the lead arranger sells its entire loan share for 27 percent of term loans and 48 percent of Term B loans, typically shortly... View Details
Keywords: Syndicated Loans; Lead Arrangers; Financing and Loans
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  • September 2012 (Revised July 2013)
  • Case

Can the Eurozone Survive?

By: Dante Roscini and Jonathan Schlefer
The sovereign debt crisis that took Greece by storm in 2010 began to spread to other European markets. Within a few months Ireland and Portugal had also lost access to the sovereign debt markets and had to rely on supranational loans for their financing. The risk of... View Details
Keywords: Sovereign Debt Crisis; Currency Areas; Financial Crisis; Borrowing and Debt; Currency Exchange Rate; International Relations; Banking Industry; European Union; Germany; France; Italy; Spain; Greece; Portugal
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  • March 2020
  • Technical Note

Influencer Marketing

By: Jill Avery and Ayelet Israeli
Despite a heavy barrage of advertising, most consumers declare that their purchases are most influenced by the experiences, advice, and recommendations of others, and not by marketers. Interpersonal communication between and among consumers serves as a potent path for... View Details
Keywords: Influencers; Marketing; Marketing Communications; Brands and Branding; Marketing Strategy; Media and Broadcasting Industry; Advertising Industry; Consumer Products Industry
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  • November 2016 (Revised December 2016)
  • Module Note

Strategy Execution Module 7: Designing Asset Allocation Systems

By: Robert Simons
This module reading provides tools and analyses for acquiring and allocating resources. The module begins by reviewing the importance of setting strategic boundaries as a basis for asset acquisitions. Next, a distinction is made between new assets acquired to meet... View Details
Keywords: Management Control Systems; Implementing Strategy; Execution; Asset Allocation Systems; Payback; Discounted Cash Flow; Internal Rate Of Return; Strategic Investments; Analyzing Acquisitions; Strategy; Capital Budgeting
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  • 2006
  • Article

Capital Budgeting: The Role of Cost Allocations

By: Ian D. Gow and Stefan Reichelstein
A common issue for firms is how to allocate capital resources to various investment alternatives. An extensive and long-standing literature in finance has examined various aspects of capital budgeting, including capital constraints, the determination of discount rates,... View Details
Keywords: Capital Budgeting; Resource Allocation; Performance Evaluation; Cost Management; Research; Investment; Cash Flow; Risk Management; Performance Capacity
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    Robert S. Kaplan

    Robert S. Kaplan is Senior Fellow and Marvin Bower Professor of Leadership Development, Emeritus at the Harvard Business School. He joined the HBS faculty in 1984 after spending 16 years on the faculty of the business school at Carnegie-Mellon University, where he... View Details

    Keywords: health care; nonprofit industry
    • Research Summary

    Overview

    Professor Schreger studies international finance and macroeconomics, with an emphasis on sovereign debt. Following a series of sovereign debt crises in the 1980s and 1990s, which caused defaults among emerging markets governments on their foreign currency obligations,... View Details
    • December 2022
    • Article

    Does Industry Employment of Active Regulators Weaken Oversight?

    By: Jonas Heese
    I study whether industry employment of active regulators weakens oversight. To examine this question, I exploit that the Financial Reporting Enforcement Panel (FREP), the German capital-market regulator responsible for enforcing public firms’ compliance with accounting... View Details
    Keywords: Conflict-of-interest Policies; Directorships; Enforcement Actions; Industry Employment; Self-regulatory Organizations; Governance Compliance; Governing and Advisory Boards; Policy; Conflict of Interests
    Related
    • 19 Aug 2008
    • First Look

    First Look: August 19, 2008

    blurring by retailers have generally increased both inventory levels and gross profit dollars across retail segments. Download paper: http://www.hbs.edu/research/pdf/08-078.pdf New Framework for Measuring and Managing Macrofinancial View Details
    Keywords: Sean Silverthorne
    • 17 Mar 2010
    • Working Paper Summaries

    Conceptual Foundations of the Balanced Scorecard

    Keywords: by Robert S. Kaplan
    • September 2023
    • Article

    Customer Churn and Intangible Capital

    By: Scott R. Baker, Brian Baugh and Marco Sammon
    Intangible capital is a crucial and growing piece of firms’ capital structure, but many of its distinct components are difficult to measure. We develop and make available several new firm-level metrics regarding a key component of intangible capital – firms’ customer... View Details
    Keywords: Customer Base; Transaction Data; Customer Churn; Intangible Capital; Capital Structure; Measurement and Metrics; Customers
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    • 2012
    • Working Paper

    School Accountability and Principal Mobility: How No Child Left Behind Affects the Allocation of School Leaders

    By: Danielle Li
    The move toward increased school accountability may substantially affect the career risks that school leaders face without providing commensurate changes in pay. Since effective school leaders likely have significant scope in choosing where to work, these uncompensated... View Details
    Keywords: Leadership; Corporate Accountability; Education; North Carolina
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    • October 2009
    • Case

    Low-k Dielectrics at IBM

    By: Willy C. Shih and Giovanni Carraro
    Innovations at the frontiers of technology carry enormous risk of making wrong choices. This case examines a decision made by IBM in its semiconductor process technology strategy: a material to use as a dielectric insulator in its leading edge silicon chip technology.... View Details
    Keywords: Competency and Skills; Decision Choices and Conditions; Technological Innovation; Product Development; Science; Creativity; Semiconductor Industry; United States
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    • Article

    Policies to Influence Perceptions about COVID-19 Risk: The Case of Maps

    By: Claudia Engel, Jonathan Rodden and Marco Tabellini
    Choropleth disease maps have become an important tool for informing the public about the risks posed by COVID-19. In a survey conducted in the U.S. state of Georgia in June 2020, we randomly assigned respondents to view either of two maps. The first one reported... View Details
    Keywords: Disease Surveillance; Health Pandemics; Risk and Uncertainty; Perception; Policy
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    • Research Summary

    Overview

    Professor Begenau’s research agenda is directed at better understanding how financial markets work and how they affect the real economy. She uses quantitative analysis to build both prescriptive and descriptive models concerning financial risk in banking, and she also... View Details
    • November 2010 (Revised December 2011)
    • Supplement

    Oriflame S.A. (C)

    By: David F. Hawkins and Karol Misztal
    Notes from Oriflame's 2009 annual report relevant to the assessment of the monetary impact of Oriflame's FX risk management actions. View Details
    Keywords: Financial Reporting; Financial Statements; International Accounting; Currency Exchange Rate; Annual Reports; Management Analysis, Tools, and Techniques; Risk Management; Standards; Beauty and Cosmetics Industry
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    • 07 Oct 2015
    • HBS Seminar

    Florian Ederer, Assistant Professor of Economics, Yale School of Management

      Robert C. Merton

      Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

      Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of... View Details

      Keywords: banking; brokerage; financial services; insurance industry; investment banking industry; retail financial services
      • 2015
      • Working Paper

      Crowdsourced Digital Goods and Firm Productivity: Evidence from Open Source Software

      By: Frank Nagle
      As firms increasingly rely on crowdsourced digital goods, understanding their impact on productivity becomes critical. This study measures the firm-level productivity impact of one such good, non-pecuniary (free) open source software (OSS). The results show a... View Details
      Keywords: Open Source Distribution; Performance Productivity; Software
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